"Super angels" have become a relatively common source of funding for technology start-ups in Silicon Valley. Now, the founders of Deepmind (Demis Hassabis and Mustafa Suleyman) are set to launch a similar investment network focusing on UK and European tech start-ups. Deepmind, the London-based artificial intelligence (AI) business, was of course acquired by Google for £400m three years ago. These innovators in the field of AI are now looking to innovate in the field of start-up funding. Surely a positive for UK and European technology assets.
Demis Hassabis, 40, and Mustafa Suleyman, 32, who sold their brainchild to Google for a reported £400m three years ago, are rounding up a group of celebrity entrepreneurs from across the Continent to join the new venture.They hope to make businesses in tech hubs such as London, Berlin, Stockholm, Helsinki and Amsterdam better able to compete with rivals in Silicon Valley. Although the new group would be interested in backing a broad variety of ventures, one of its key areas would be on supporting “deep technology” — companies involved in advanced coding related to areas such as chip development, robotics, big data and virtual reality. Although European venture capital investment in technology is increasing, much of that cash currently drifts towards relatively safe areas such as ecommerce.